Family Dollar increases dividend

By Staff Writer

New York -- Family Dollar on Friday increased its annual dividend by 24%. The annual payout now totals $1.04 following a decision by the retailer’s board to elevate the quarterly dividend to 26 cents a share from 21 cents a share.

In addition, the board authorized the repurchase of an additional $300 million in stock under an existing program that had only $94 million in authorization remaining.

"Our board’s decision to maintain our remarkable record of 37 consecutive years of dividend increases shows their unwavering commitment to shareholders, and the increase of 23.8% reflects our confidence in the company’s long-term growth potential," said Howard Levine, chairman and CEO.